​New Talisman Gold Mines has announced New Zealand’s first rights issue offer made under the new ‘same class offer’ regime introduced on 1 April 2014.

Chapman Tripp is advising New Talisman on the rights offer to existing shareholders in Australia and New Zealand. The regime forms part of Phase 1 of the Financial Markets Conduct Act (FMCA) and allows listed issuers to issue securities of the same class as those already quoted, with minimal documentation. An equivalent regime exists in Australia, and is being used for this transaction.

Roger Wallis said: “The New Talisman rights issue is the first time the market has been able to observe the impact of this new provision. By enabling the issuer to issue securities of the same class as those already listed without a prospectus or investment statement, we’ve seen how the process can be simplified and accelerated.

“While this is the first offer to use this new exclusion, it certainly won’t be the last.”

Chapman Tripp has played a key role in the reform of New Zealand’s capital markets, providing regular submissions to shape legislation, including the FMCA, and commenting at length on the changes as they come into force.